Item 3B2Reference
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MONTHLY FINANCIAL REPORT
August 2021
= Negative Variance of > 4% compared to seasonal trends.
Positive
Negative
PERFORMANCE AT A GLANCE
Year to Date 3 year Trend
Positive
PERFORMANCE INDICATORS
Positive
Warning
Permit Revenues
Positive Positive
Departmental Expenditures Summary Positive
= Negative variance of 1-4% compared to seasonal trends
= Positive variance or negative variance <1% compared to seasonal trends.
GENERAL FUND
PositiveGeneral Fund Exp. Vs. Rev.
Sales Tax Revenue (2 months prior activity)
Property Tax Revenue
Positive
Positive Positive
Positive
City of Southlake Monthly Financial Report 1 9/15/2021
National GDP:
Housing Starts:
Housing starts in July 2021 were at a seasonally
adjusted rate of 1,111,000, which is 4.5% below the
revised previous month figure of 1,163,000.
-4.3%
UNEMPLOYMENT RATES
5.2%
The Dallas/Fort Worth/Arlington Metropolitan Area
unemployment rate for July 2021 (preliminary)
decreased to 5.3% when compared to 6.0% in June
2021.
5.3%
State-wide:6.2%
The Texas Unemployment rate for July 2021
(preliminary) decreased slightly to 6.2% from 6.5% in
June 2021.
DFW Area:
ECONOMIC INDICATORS
NATIONAL ECONOMY
FINANCIAL ACTIVITY6.6%
GDP is defined as the output of goods and services
produced by labor and property located in the United
States, The Bureau of Labor and Economic Analysis
reported that the "second" estimated GDP for the 2nd
quarter of 2021 increased at a rate of 6.6%. In the 1st
quarter of 2021, GDP increased at a rate of 6.3%.
The National Unemployment rate for August 2021
decreased to 5.2% when compared to 5.4% in July
2021.
National:
5 YEAR TREND OF NEW CONSTRUCTION PERMIT VALUES
$-
$20,000,000
$40,000,000
$60,000,000
$80,000,000
$100,000,000
$120,000,000
$140,000,000
$160,000,000
$180,000,000
2017*2018*2019*2020*2021*
New Construction permit values*October-August
City of Southlake Monthly Financial Report 2 9/15/2021
GENERAL FUND
FY 2021
REVENUE
FY 2021
EXPENDITURE VARIANCE
Oct 1,141,203$ 2,174,348$ (1,033,145)$
Nov 1,850,321$ 2,812,519$ (962,198)$
Dec 7,709,670$ 4,221,574$ 3,488,096$
Jan 14,791,267$ 2,764,227$ 12,027,040$
Feb 7,203,499$ 3,290,949$ 3,912,550$
Mar 2,085,482$ 3,281,698$ (1,196,216)$
Apr 1,690,587$ 3,115,923$ (1,425,336)$
May 2,943,568$ 2,965,278$ (21,710)$
Jun 2,169,753$ 3,649,083$ (1,479,330)$
Jul 529,282$ 3,760,196$ (3,230,914)$
Aug 3,516,576$ 3,197,273$ 319,303$
Sep -$
Tot 45,631,208$ 35,233,068$ 10,398,140$
POSITIVE
FY 2021 FY 2020 FY 2019
Oct 1,299,576$ 1,278,635$ 1,253,417$
Nov 1,084,677$ 1,309,584$ 1,140,440$
Dec 1,926,407$ 1,993,686$ 1,613,337$
Jan 1,256,119$ 1,360,873$ 1,030,047$
Feb 978,395$ 1,011,429$ 1,094,354$
Mar 1,727,925$ 1,162,936$ 1,321,691$
Apr 1,470,896$ 1,038,287$ 1,294,023$
May 1,262,973$ 1,153,263$ 1,295,321$
Jun 2,586,036$ 1,375,636$ 1,274,338$
Jul 1,449,136$ 1,190,064$ 1,179,145$
Aug 1,233,673$ 1,344,868$
Sep 1,416,226$ 1,354,327$
Tot 15,042,140$ 15,524,291$ 15,195,307$
GENERAL FUND REVENUE VS EXPENDITURES 2021
OVERALL FUND PERFORMANCE:
REVENUE ANALYSIS
GENERAL FUND SALES TAX 2021-2019 COMPARISON
CHART OUTLOOK:
CHART OUTLOOK:
The outlook for the year is positive as overall revenues are trending above budget and expenditures are on target with budget.The revenues exceed expenditures by $10.4M.A significant portion of the variance is due to
sales tax collections are exceeding budget, sales tax is the second largest revenue source for the general fund.
Year to date sales tax collections are trending above FY 2020 (16.8%)and FY 2019 (20.4%)collections.June sales were 88%and 103%above June collections for FY 2020 and FY 2019,respectively.June collections
included a significant audit adjustment which represented 38%of collections for the month.Year to date collections are trending above budget for the year therefore the outlook is considered positive.Staff will continue to
closely monitor collections.
POSITIVE
$-
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
FY 2021 FY 2020 FY 2019
$-
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
$14,000,000
$16,000,000
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
FY 2021 REVENUE FY 2021 EXPENDITURE 2020 EXPEND.
City of Southlake Monthly Financial Report 3 9/15/2021
GENERAL FUND
FY 2021 FY 2020 FY 2019
Oct 778,578$ 790,236$ 1,151,812$
Nov 1,582,957$ 1,426,054$ 1,552,708$
Dec 6,036,699$ 9,161,119$ 10,397,278$
Jan 13,167,125$ 10,088,389$ 9,985,201$
Feb 4,445,041$ 4,237,797$ 3,385,436$
Mar 411,151$ 420,930$ 395,710$
Apr 259,058$ 55,958$ 156,647$
May 152,945$ 105,567$ -$
Jun 389,839$ 448,670$ 312,620$
Jul *(1,365,991)$ (1,457,677)$ (1,295,201)$
Aug 52,655$ 52,000$ 59,318$
Sep -$ 28,446$ 46,464$
Tot 25,910,057$ 25,357,489$ 26,147,993$
POSITIVE
FY 2021 FY 2020 FY 2019
Oct 50,043$ 134,067$ 85,534$
Nov 69,734$ 238,528$ 75,588$
Dec 102,515$ 135,168$ 160,859$
Jan 88,737$ 204,931$ 121,526$
Feb 76,270$ 212,195$ 121,533$
Mar 150,142$ 126,842$ 186,152$
Apr 124,870$ 188,968$ 111,970$
May 136,364$ 128,791$ 601,621$
Jun 158,786$ 148,103$ 111,503$
Jul 170,985$ 152,920$ 163,760$
Aug 217,599$ 69,101$ 155,328$
Sep 246,547$ 474,884$
Tot 1,346,045$ 1,986,161$ 2,370,258$
PERMIT REVENUE 2021-2019 COMPARISON
CHART OUTLOOK:
REVENUE ANALYSIS (continued)
PROPERTY TAX 3 YEAR TREND
CHART OUTLOOK:
2021 YTD property tax collections ($25,910,057)are approximately 2.3%higher than 2020 YTD ($25,329,043)and 0.7%less and 2019 YTD ($26,101,529)as of August.As indicated on the chart,the majority of the
property tax revenue is collected in the first few months of the fiscal year. YTD collections are trending slightly above budget.
* Net transfer of TIF revenues to TIF
fund
The value of new construction permits ($118.6M+)issued for FY 2021 YTD is approximately 1.3%higher and 32.4%lower when compared to FY 2020 and FY 2019 respectively.FY 2021 collections are 22.6%and
29.0% below FY 2020 and 2019, respectively. The permit revenue year to date is trending above budget therefore the outlook is considered positive.
POSITIVE
$(4,000,000)
$(2,000,000)
$-
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
$14,000,000
Oct Nov Dec Jan Feb Mar Apr May Jun Jul *Aug
FY 2021 FY 2020 FY 2019
$-
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
FY 2021 FY 2020 FY 2019
City of Southlake Monthly Financial Report 4 9/15/2021
FY 2021 ACTUAL
YTD (AUGUST)
FY 2020 ACTUAL YTD
(AUGUST)
FY 2021 BUDGET
YTD (AUGUST)FY 2021 % SPENT
797,416$ 877,076$ 982,454$ 81.17%
421,433$ 386,160$ 463,996$ 90.83%
4,675,837$ 4,615,763$ 5,709,681$ 81.89%
471,347$ 418,340$ 508,019$ 92.78%
16,061,346$ 15,092,629$ 17,345,963$ 92.59%
135,818$ 117,547$ 236,496$ 57.43%
2,100,641$ 1,976,986$ 2,281,330$ 92.08%
707,078$ 675,000$ 788,008$ 89.73%
2,481,768$ 2,291,309$ 2,782,209$ 89.20%
1,956,330$ 1,886,449$ 2,139,432$ 91.44%
3,876,346$ 3,857,261$ 4,336,852$ 89.38%
1,634,366$ 1,470,540$ 1,620,901$ 100.83%
35,319,726$ 33,665,060$ 39,195,341$ 90.11%
EXPENDITURE ANALYSIS
POSITIVE
(190,459)$
36,672$
1,284,617$
100,678$
180,689$
80,930$
300,441$
CSO
DPS
ED
FIN
HR
IT
DEPARTMENTAL EXPENDITURES SUMMARY
(35,273)$ 42,563$ COMM
BUDGET VARIANCE
185,038$
1,033,844$
(69,881)$
(19,085)$
(163,826)$
(1,654,666)$
As indicated above,2021 expenditures are above 2020 expenditures for the same period with a increase of 4.92%primarily due to DPS expenditures eligible for CARES/grant funding in FY 2020.The outlook is positive
expenditures are on pace to be below budgeted expenditures for the fiscal year.
FY 2020/2021 YTD
VARIANCE
79,660$
(60,074)$
(53,007)$
(968,717)$
(18,271)$
(123,655)$
SS
Totals
PW
CMO
CS
3,875,615$
CHART OUTLOOK:
(13,465)$
460,506$
(32,078)$
183,102$ PDS
$-
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
$14,000,000
$16,000,000
$18,000,000
CMO COMM CS CSO DPS ED FIN HR IT PDS PW SS
FY 2021 ACTUAL YTD (AUGUST)FY 2020 ACTUAL YTD (AUGUST)FY 2021 BUDGET YTD (AUGUST)
City of Southlake Monthly Financial Report 5 9/15/2021